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Despite the allure of lower loan prices, CLO managers should print deals cautiously
Software loan sell-offs and the Iran war have caused US and European loans to price differently
Leveraged loans in stressed sectors like software carry refinancing risk
LBO financing includes $5.75bn term loan to be priced early next week
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Several mid-market buyout deals materialised in the European leveraged finance market at this week, even as private equity firms struggle to source primary issuance amid highly elevated asset prices. -
Xella increased its €1.4bn buyout term loan for a second time on Thursday morning, adding another €50m in lieu of a proposed shareholder loan, while US software firm Infor did the same on its €750m term loan.
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Parkdean Resorts accelerated commitments on its £575m ($722m) buyout seven year term loan ‘B’ this week alongside several issuers who came to reprice sterling deals, as more cash pours into non-CLO investment accounts.
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BC Partners, the private equity firm, has hired a new managing partner from outside the company.
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KWG Property Holding signed a dual currency term loan with a group of lenders on January 27, with the money to be used for refinancing and corporate funding requirements.
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Five banks have lined up to underwrite a loan and bridge financing to laboratory services operator Cerba Healthcare for PSP Investment’s secondary buyout of the French firm. But the deal comes as Fitch said on Tuesday that buyout multiples have hit a post-crisis high.
